November 21 , 2019
Benefits of Diversity & Inclusion in the Workplace
With businesses increasingly building their company values around diversity and inclusion, we take a deep dive into the benefits of a diverse workforce to explore this topic further.
Whether it’s closing the gender pay gap or increasing the number of ethic minorities in managerial positions, there are many examples of companies making proactive changes and creating a healthy and diverse workforce.
Employee diversity involves building a workforce with a balance of genders, ages, religions, ethnicities, sexual orientations, educational backgrounds, and much more.
Research shows that diverse teams outperform non-diverse teams by up to 35%. And McKinsey & Company also reports companies with diverse teams tend to be top financial performers. So, let’s review the benefits of embracing diversity in your workforce.
How Can Equality and Diversity Benefit Business?
A diverse and inclusive workforce brings endless benefits. A team that reflects wide backgrounds and demographics help their business understand what their customers want and how they can deliver a better product or service.
Join us as we explore the benefits of adopting inclusive recruitment processes and embracing diverse cultures within your team.
1. Different Perspectives
If your employees come from similar backgrounds and have similar experiences, you’ll have a rather limited viewpoint and struggle to attract customers of all shapes and sizes.
A diverse workforce opens your business to new ways of thinking and offers unique perspectives which go against the grain. Employees with different characteristics and backgrounds are also likely to have a different skills sets and experiences which promote creative ideas and attract customers from new demographics.
Research shows that diverse companies are 70% more likely to capture new markets as unique perspectives give businesses the visibility they need to cater to new audiences.
2. Balanced Decisions
A 2017 study found a direct link between diversity in the workplace and better decision-making.
Group decisions outperformed individual decision-makers 87% of the time. Employees from different backgrounds create more balanced decisions, which take a range of factors into account.
Review the way decisions are made in your business and consider how you can improve the process to represent all viewpoints. Giving employees a voice makes them feel valued and reminds them they’re part of an inclusive organisation that’s open to new ideas and alternative perspectives.
Employees who feel their voices are heard are five times more likely to perform to the best of their abilities.
Business networking platforms such as Collude are great for kickstarting important conversations between a diverse network of business professionals. Reach out to your digital network for a diverse range of perspectives and opinions which help you step outside your comfort zone and drive innovation.
3. Increased Employee Retention
Building a diverse workforce also reduces employee turnover rates.
Creating an inclusive culture makes people from all backgrounds feel welcome and part of a family who support one another through thick and thin.
When the going gets tough, inclusive companies have a natural support network in place to offer reassuring advice and find unique solutions.
Making sure people feel accepted increases overall employee satisfaction and reduces the likelihood of valued employees looking elsewhere. 47% of HR leaders claim employee turnover is their number one challenge, which is another fantastic reason diversity should be a top priority.
4. Recruit The Best Young Talent
1 in 5 young adults say a company’s reputation plays an important role in choosing an employer. Similarly, 67% of job seekers say a diverse workforce is important when considering job offers.
Inclusive recruitment processes make it easier to attract young talent who want to work in a stimulating environment with interesting people from all walks of life.
Also, embedding inclusion into your business and creating a culture that people want to be a part off reduces the amount of cash you need to invest in fancy recruitment ploys to attract the best talent.
Make diversity a priority and talented employees will come to you.
5. Boost Cultural Awareness
Diverse workplaces give employees an opportunity to broaden their horizons by bonding with people from different backgrounds and learning about new cultures.
Whether it’s breaking down prejudice, discovering new cuisines, or developing your political views, diverse teams are educational and inspirational.
Inclusive businesses challenge employees to view the world from new perspectives and develop their personal skills as they push themselves to question their own views and outlook.
Building an inclusive workforce reduces ignorance as employees have first-hand encounters with coworkers from a range of cultural backgrounds and social positions.
Business network platforms such as Collude are a great way to celebrate cultural diversity in your business. Share employee stories, support and connect with exciting individuals from all walks of life to broaden your horizons.
Do You Have a Diverse and Inclusive Workplace?
It’s never too late to improve diversity and equality in your business. Take a step back and ask yourself whether you could be doing more to attract minority groups.
Conduct an audit of your recruitment process to identify whether your business is bias against certain individuals and take proactive steps to create a level playing field with equal opportunities for all.
Build inclusive teams with Collude and connect with a diverse network of industry professionals to take your business to the next level. Discover exciting talent and shout about your company values from the rooftops with our private and secure professional networking platform.